AUD/NZD: bulls break wedges

AUD/NZD: bulls break wedges

On the AUD/NZD daily chart, there is a rollback towards 61.8% from the wave 4—5 of the Expanding Wedge pattern. The failure of the Bears to keep quotes below the convergence zone 1.0507 – 10512 will tell us about their weakness and might lead to the development of the correction towards the long-term downward trend. In contrast, a fall of quotes below 1.0397 and 1.0377 will increase the risks of continuation of the downward rally.

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On the AUD/NZD hourly chart, the rise of quotes towards 61.8% and 78.6% levels from the CD wave of the Shark pattern will allow the Bulls to restore the short-term trend.

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